May 10, 2018 / 3:25 AM / 2 months ago

BRIEF-Tronox To Buy Majority Of Advanced Metal Industries Co Jazan Slagger Operations

May 9 (Reuters) - Tronox Ltd:

* TRONOX ENTERS OPTION AGREEMENT TO ACQUIRE MAJORITY OF ADVANCED METAL INDUSTRIES CO. JAZAN SLAGGER OPERATIONS

* ENTERED AGREEMENT WITH ADVANCED METAL INDUSTRIES CLUSTER COMPANY TO ACQUIRE 90 PERCENT OF AMIC’S OWNERSHIP IN A TITANIUM SLAG SMELTER FACILITY

* TRONOX - AMIC WILL CREATE SPECIAL PURPOSE VEHICLE IN SAUDI ARABIA AND CONTRIBUTE OWNERSHIP INTEREST ALONG WITH $322 MILLION OF DEBT CURRENTLY HELD BY AMIC

* CO AGREED TO LEND AMIC AND SPV UP TO $125 MILLION FOR CAPITAL EXPENDITURES AND OPERATIONAL EXPENSES TO FACILITATE START-UP OF SLAGGER

* FUNDS MAY BE DRAWN DOWN ON A QUARTERLY BASIS AS NEEDED BASED, ON A BUDGET AGREED UPON BY COMPANY AND AMIC

* CO AND AMIC AGREED THEY WILL ENTER INTO SHAREHOLDERS AGREEMENT RELATING TO RESPECTIVE RIGHTS AND OBLIGATIONS AS SHAREHOLDERS OF SPV Source text for Eikon: Further company coverage:

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